On 19 July 2022, RUS NFA initiated development of issuer disclosure criteria. RUS NFA initiated development of new mechanisms/criteria for information disclosure by Russian issuers as currently firms have limited amount of information they disclose. Summary Limited disclosure of information by issuance documents leads negative consequences, making it difficult for investors to develop risk policies,…
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U.K. – Gov’t Foreign Investment Guidance Notes
On 20 July 2022, UK GVT updated guidance about the national security and investment act to include guidance for new build downstream gas, electricity assets. On same date, UK GVT updated downstream oil details in guidance on the 17 types of notifiable acquisitions under the national Security and Investment act 2021. And published guidance for…
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Hungary – CB Voting Rights In Takeovers / Acquistions
On 14 July 2022, HUN CB discussed shares with voting rights in acquisitions. HUN CB published article by Dr. Kornél Komlósi, HUN CB market compliance lawyer on the effects of shares with voting rights to determine control influence in acquisitions. Main Points The Capital Markets Act provisions apply to acquisitions of control of a target…
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Germany – BaFin Fines for Voting Rights Failure
On 13 July 2022, GE BaFin fined the firm €11mn for reporting, voting breaches. GE BaFin fined Steinhoff International Holdings NV €11,290,000 following its failure to make the 2016/17 annual financial report available to the public in good time. Steinhoff also did not publish voting rights notifications in good time. Ge BaFin fined the firm…
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Russia – CB Credit Firm Share Acquisition
On 14 July 2022, RUS CB proposed rules on acquiring shares in credit firms. RUS CB issued draft ordinance amending 185-I on obtaining RUS CB consent to acquire shares in a financial organization and/or to establish control over shareholders of a financial organization and to send notifications to RUS CB about cases in which a…
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Taiwan – FSC Shareholding by Directors
On 12 July 2022, TAI FSC issued interpretive rules of director shareholding. TAI FSC issued supplementary interpretive rules for the disputes over the application of paragraph 1 of article 157 of Securities and exchange act. Supplementary Rules Clarified the calculation of 10% of shareholding by directors, supervisors, and managers when they obtain the shares before…
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